Private Property: Difference between revisions
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(Created page with ' =Definition= Steven N. S. Cheung: "Any productive resource is a private property if, within well-defined limits, its owner has: (i) the right to exclude others so that he al...') |
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'''= Private Property is both excludable and rival. Private property access, use, exclusion and management are controlled by the private owner'''." [http://en.wikipedia.or/wiki/Property_rights_%28economics%29] | |||
=Definition= | =Definition= | ||
Revision as of 08:33, 20 April 2011
= Private Property is both excludable and rival. Private property access, use, exclusion and management are controlled by the private owner." [1]
Definition
Steven N. S. Cheung:
"Any productive resource is a private property if, within well-defined limits, its owner has:
(i) the right to exclude others so that he alone may decide on its use;
(ii) the right to extract exclusive income from its use; and
(iii) the right to transfer or sell the property or resource to any one as he sees fit." (http://opensource.mit.edu/papers/chiao.pdf)